The guidance in IFRS 16 is aligned with the new revenue recognition guidance in IFRS 15. This is relevant for sale and leaseback transactions, where it is considerably less likely that a sale and leaseback will be recorded, with the asset being retained on balance sheet and the proceeds of the...

IFRS 15 requires the identification of all goods and services that meet specific criteria to be regarded as being ‘distinct’. In practice, this can result in the identification of separate goods and service that were not previously accounted for separately and a requirement to allocate specific...

Although it is true the most significant effects will be in the financial sector, the new requirements affect entities across all industries. The new forward looking expected credit loss impairment model may require significant changes to systems and processes, with provisions being greater in...

The International Accounting Standards Board (IASB) issued IFRS 17 Insurance Contracts on 18 May 2017. IFRS 17 supersedes IFRS 4, which was introduced as an interim standard in 2004. IFRS 4 offered the option of recognising and measuring insurance contracts in accordance with local standards...

In this publication, we outline how the changes to auditor reporting can improve the information provided to you as part of your audit. In whatever enterprise you operate - from start-up to multi-national corporation – or whether you fulfil the role of ‘management’ or ‘those charged with...

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